Russian Oil Exports On Western Tankers Surge

Export shipments of Russian crude have risen substantially this month, with most of these leaving on Western-insured tankers thanks to prices, which are lower than the G7 and EU price cap. Per a Reuters report citing tanker tracking data and industry insiders, oil loadings from Primorsk, Ust-Luga, and Novorosiisk are set to top 9.5 million tons in total this month as Urals, Russia’s flagship blend drops below $50, when the price cap set by the G7 and the EU is $60 per barrel. A quarter of all Urals shipments from Russia this month were handled…